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the benefit of the united states government guarantee on their performance. they live or die on the fact that you pay your mortgage or you don't. because of that, the securities trade at market. they reflect the fact that there are huge problems in that community. i brought one slide in. right now is a perfect time to put the slide up. just to frame this. just so i can see it here. if that is ok. from one underage fannie mae's third quarter. this is the united states view of the p.l.s. sector with respect to the portion of the bonds they own. they own some of those bonds and under their rules they tell us what they think about the underlying mortgages and these are the numbers you want to look at. fannie mae says there is about $28 billion on their balance sheet, exposure to mortgages in this sector. they expect a 50% default rate. this is before. going forward on their existing holdings. 50% default rate and when it defaults and goes into foreclosure, they expect a 66% loss under that mortgage. half the mortgages, 2/3 of the principal written down. it tells you fannie mae believes there
Search Results 0 to 0 of about 1